PACL Case: Sebi panel invites expression of interest for 28,974 properties

A committee headed by Justice R M Lodha has invited expression of interest (EoI) from prospective buyers for a total of 28,974 properties belonging to PACL Group.

Market regulator Sebi had set up a committee headed by former Chief Justice of India R M Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group.

As per the notice issued by Sebi, the committee has divided the total 28,974 properties belonging to PACL group in four zones -- east, west, north and south -- with maximum properties being located in the southern zone.

Regarding PACL properties, the apex court's order dated July 30 observed "we also leave it open to the committee to receive any further offers and to explore them after duly publishing a further notice on the website," the notice said.

In pursuance of apex court's order, the committee "invites Expression of Interest from prospective buyers clearly indicating therein, list of properties in each zone, its circle rate, the offer amount and other relevant details," the Friday notice said.

"The proposal should be for properties in each zone aggregating in value not less than Rs 1,000 crore," the notice added.

The notice further said that the last date of receipt of proposals is September 9.

PACL, also known as Pearl Group, had raised Rs 60,000 crore from public in the name of agriculture and real estate businesses and was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.